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Betting is a very popular pastime that can improve the overall viewing experience of a given sporting fixture. What makes them so exciting is the potential payouts that can be received if your prediction comes true. The payouts are calculated using odds presented by the bookmaker. As a result, understanding and being able to read odds is a crucial step in placing bets as they tell you how much you can expect to make back depending on your stake.
In this article we are going to break down all the different odd types and how to read them so that you can be more informed when placing bets in the future. Everyone needs to be able to read odds otherwise you will not be able to tell if a bet is worth it and reading odds makes searching for your bet easier as you can size up which are the better bets, more efficiently.
What Are Betting Odds
Betting odds are the numerical value given to how likely a bookmaker thinks a given prediction is to come true. They represent how much money you can expect to be returned if you are able to make a correct prediction. The odds are set by the bookmaker and can vary depending on the sportsbook you use.
How To Read Odds
For newcomers decoding betting odds can be awfully daunting, but it is actually very easy once you understand the basics. To make money online it’s very important to understand this. In this section we will go over the three main ways that odds are represented so that you will be able to read every type of odds going forward.
Fractional Odds
Fractional odds are one of the most commonly used ways to present a possibility of an event happening. This is one of the easiest ways of determining how much you will win from a bet and is a quick and simple way to understand the probability of an event happening.
An example of a fractional bet would be if you wanted to place a 3/1 bet on Liverpool winning their next game. What this means is that for every £1 you wager you will be paid out 3x that plus your original stake. Therefore if you wager £1 and it wins you would receive £4 ((1×3)+1) = 4.
Decimal Odds
Another common form of odds is decimal odds. Decimal odds are useful as they allow bettors to quickly compare odds without needing to work out any difficult calculations beforehand. The general rule for decimal odds is, the higher the number the higher the payout. To work out decimal odds you simply times your stake by the decimal. For example if you wager £1 on a 4.00 bet you will receive £4 (1×4.00) = 4.
These odds are very simple and are most commonly used by advanced bettors to quickly compare odds so that they can more efficiently finetune their betting strategy. If you don’t like decimal odds but want to be able to compare odds quickly then we recommend checking out betting tools and softwares that allow you to check odds, use betting calculators and much more.
American Odds
American odds, also known as moneyline odds, are a method of expressing probability primarily used in the US and will rarely be adopted by UK bookmakers. Unlike fractional or decimal odds, American odds are expressed as a positive or negative number, with a positive number indicating the amount that will be won for every $100 and a negative number expressing the amount that needs to be bet to win $100. For example if a team has American odds of +250, a bettor would win $250 for every $100 bet leading to a profit of $350. Whereas if a team has odds of -250 then a bettor would need to wager £250 to win $100. American odds can take some getting used to, but it’s important to know if you ever intend to gamble on American Sportsbooks.
How to Use Betting Odds
Betting odds play a great role in betting, not only do they tell you how much you can expect to earn back in correlation to your bet but they also inform you on how risky the bet you are about to place is. If a horse has low odds it means that they are favourites and there is a high chance they will win and therefore the payout will not be significant. If a horse has high odds it means that you can expect some big payouts but it is highly unlikely that it will actually win. Recognising what the odds mean doesn’t just tell you if the bet is worth putting on financially but also statistically how probable it is to land. Odds can even be represented as percentages to show this.
| Fraction | Decimal | American (Moneyline) | Implied Probability |
| 1/100 | 1.01 | -10000 | 99% |
| 1/5 | 1.2 | -500 | 83.30% |
| 2/9 | 1.22 | -450 | 81.80% |
| 1/4 | 1.25 | -400 | 80% |
| 2/7 | 1.29 | -350 | 77.80% |
| 3/10 | 1.3 | -333.3 | 76.90% |
| 1/3 | 1.33 | -300 | 75% |
Gamble Responsibly
It is important to note that no matter how low the odds are no bet is ever guaranteed. It is important that you always remember to gamble responsibly and to never chase losses. No matter how much research you do all bets inherently come down to chance and therefore no wins are ever guaranteed.
Summary
These are all the odd types that are most commonly used. It is important to learn how to read each kind of odds so that you are always fully informed while betting. We hope that this article has helped develop your understanding so next time you bet you can either read the odds better or compare odds more efficiently with your new found understanding of how these calculations work.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
